Rupee rises 14 paise to 86.50 against U.S. dollar in early trade
The Hindu
Rupee expected to trade negatively due to weak equities, but cushioned by crude oil prices; influenced by RBI minutes.
The rupee appreciated 14 paise to 86.50 against the U.S. dollar in early trade on Friday (February 21, 2025), fuelled by the broad weakening of the US dollar, which faced downward pressure from lackluster economic data.
Forex traders said rupee is expected to trade with a slight negative bias on weak domestic equities and foreign fund outflows. However, overall weakness in crude oil prices may cushion sharp downside.
At the interbank foreign exchange, the rupee opened at 86.50 against the greenback, up 14 paise from its previous close.
On Thursday, the rupee appreciated 34 paise to close at 86.64 against the U.S. dollar.
"The dollar's weakness created a favourable environment for the Indian rupee," CR Forex Advisors MD - Amit Pabari said, adding that "India's robust real yield of 2.39% attracted capital, supported by the Reserve Bank of India's proactive interventions".
Investors will await cues from the minutes of the RBI's monetary policy meeting, that is expected to provide further insights into economic trends and could influence the rupee's trajectory in the coming days, Pabari added.
Meanwhile, the U.S. dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04% higher at 106.41.
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